# Table 13: QE Interaction with Demographics

| Variable | real_bond_10y (Full+QE int) | real_bond_10y (QE only) | real_bond_10y (Non-QE) | inflation (Full+QE int) | inflation (QE only) | inflation (Non-QE) |
|---|---|---|---|---|---|---|
| Z_1 | 57.571*** (17.543) | 46.081** (20.889) | 96.618*** (25.081) | -13.793 (15.338) | -32.475* (17.986) | 103.441*** (20.779) |
| Z_2 | -6.695*** (2.324) | -4.458 (2.735) | -13.020*** (3.409) | 2.287 (2.040) | 4.606* (2.366) | -13.754*** (2.776) |
| Z_3 | 0.218** (0.087) | 0.118 (0.101) | 0.485*** (0.130) | -0.092 (0.077) | -0.174** (0.088) | 0.514*** (0.104) |
| qe_active | -1.218** (0.483) | -1.233*** (0.210) |  | 1.499** (0.598) | 0.656** (0.322) |  |
| Z_1_x_qe | -14.601 (30.039) |  |  | -13.015 (24.419) |  |  |
| Z_2_x_qe | 2.332 (3.833) |  |  | 0.363 (3.211) |  |  |
| Z_3_x_qe | -0.096 (0.137) |  |  | 0.018 (0.119) |  |  |
| rgdp_growth | -0.023* (0.012) | -0.029** (0.015) | 0.012 (0.021) | -0.126*** (0.024) | -0.097*** (0.027) | -0.298*** (0.055) |
| inflation | -0.750*** (0.023) | -0.752*** (0.030) | -0.756*** (0.033) |  |  |  |
| fiscal_bal_gdp | 0.022 (0.018) | 0.009 (0.024) | 0.041* (0.024) | 0.071** (0.029) | 0.086** (0.038) | 0.073* (0.042) |
| kaopen | -1.156*** (0.186) | -1.451*** (0.242) | -0.697*** (0.246) | -1.778*** (0.176) | -1.951*** (0.212) | -0.507* (0.269) |
| nfa_gdp_lag | -0.330 (0.304) | 0.068 (0.369) | -1.632*** (0.452) | 0.164 (0.332) | 0.373 (0.419) | -0.689* (0.415) |
| output_gap |  |  |  | 0.328*** (0.041) | 0.319*** (0.046) | 0.352*** (0.091) |
|---|---|---|---|---|---|---|
| R² | 0.251 | 0.421 | 0.222 | 0.261 | 0.290 | 0.360 |
| N obs | 803 | 562 | 241 | 926 | 703 | 223 |
| N countries | 23 | 16 | 7 | 26 | 20 | 6 |